KHANKENDI, Azerbaijan, July 9. Broad opportunities have been created for entrepreneurs in Khankendi city, Aghdara and Khojaly districts, and investments totaling about 45.5 million manat ($26.8 million) have been made in the areas so far, Sabuhi Gahramanov, Deputy Representative of the President of Azerbaijan in Khankendi city, Aghdara and Khojaly districts, said, a source in the Restoration, Construction, and Management Service in the above city and districts told Trend.
According to him, existing buildings in those areas are being leased to business owners following legislation and based on applications.
So far, 474 properties have been leased to entrepreneurs in Khankendi, Aghdara, and Khojaly.
Various types of facilities have already begun operations in the region, while others are undergoing preparations by investors.
Besides, Gahramanov stated that nearly 2,000 people have been employed at the newly operational facilities.
“Once all contracted facilities begin operations, the number of jobs is expected to reach 5,000. The success of the local economy is strongly supported by the state’s incentive mechanisms in the liberated territories.
According to the Tax Code, residents of the liberated areas have been exempt from income, property, land, and simplified taxes for 10 years starting from January 1, 2023. These incentive mechanisms are facilitating the involvement of both domestic and foreign investors in rebuilding the economy of Karabakh.
We are also interested in cooperating with diplomatic missions abroad to inform foreign investors about the favorable conditions and incentives available for investment activity in the liberated territories,” he added.
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